শনিবার, ৩১ ডিসেম্বর, ২০১১

The offshore drilling life: cramped and dangerous (AP)

ALAMINOS CANYON BLOCK 857, GULF OF MEXICO ? The 160 workers on Shell's Perdido oil platform have access to a free restaurant, gym and movie theater.

Their laundry and meals are taken care of and they get paid pretty well ? about $60,000 a year for a young roughneck, $90,000 for a young engineer and $150,000 for a supervisor. Plus they get a two-week vacation every two weeks.

The catch? They toil on this floating oil factory in 12 hour shifts for 14 days straight. Their rooms are tiny ? just enough space for a pair of bunk beds, one desk and some lockers. And there is definitely no getting away from work: They are 200 miles from shore and there is nothing on the horizon in all directions.

The clanking, buzzing machine they live on rises 30 stories out of the water and weighs 50 million tons. It uses new and unproven technologies to coax oil out of a tricky and important geologic formation in the Gulf of Mexico. One well is in the deepest water ever, 9,627 feet.

If they can't get Perdido to work right and have to stop the oil and natural gas from flowing, their company loses $5 million per day in revenue. If they lose control of it, their lives are at stake.

The job drives some people crazy.

"A lot of people have trouble," says Louis Lemoine, a drilling foreman from Alexandria, La. who has been working offshore for 41 years. "You can't go anywhere."

But the ones who stick to it say they love it.

Alison Whitt, a 22-year-old engineer just out of college says: "At the end of 14 days here I'm ready to go home, but at the end of 14 days (off) I'm ready to come back."

Workers compare it to having a second family. The isolation, the intensity of working so many hours straight and the danger breed closeness uncommon in most jobs.

Most people don't eat three meals a day with their co-workers, or share small bunk rooms with them.

There are movie nights and video game tournaments. There's even a nurse who nags workers to get their cholesterol and blood pressure tested. There are also flare-ups between workers who are tired, and tired of being cooped up with each other for so long. "It's just like home," Lemoine says. "Spats. Rumors. Gossip."

The sense of camaraderie ? as well as the tension ? has been intensified for all Gulf oil workers since 11 died in the explosion of the oil rig controlled by BP in April of 2010. That disaster led to the biggest oil spill in U.S. history.

Chris Smith, Perdido's operations manager, says there's been a "chronic sense of unease" among workers ever since.

The Perdido workers, like many in the oil industry outside of BP, say their culture and processes were focused on safety long before BP's disaster. They say they would have avoided such an accident.

But they know that Shell workers have died in accidents, too, and they are reminded of the fact during a tedious, 90-minute safety session they must sit through when they arrive at Perdido. As if the dangers of deepwater drilling needed reinforcing, lifeboats hang from the platform and sharks can be seen prowling the waters beneath it.

Perdido gathers oil and natural gas from wells drilled in its vicinity, many by an on-board rig that drills down into the sea floor and then horizontally into oil reservoirs. The oil and gas is then sent via undersea pipeline to terminals and refineries on the Gulf coast.

The platform also has desalination machines to make fresh water, power generators, air conditioners, a giant kitchen, laundry facilities and TV hookups. If something breaks, engineers on board fix it. The cable guy isn't coming to Perdido to adjust anyone's picture.

Perdido workers come from Texas, Mississippi, Alabama, Louisiana, and as far away as Michigan and Alaska to get to work. They board a helicopter at an airport in Galveston, Texas, for the two-hour ride to the platform.

When the helicopter touches down, it's all work for two weeks. The schedule compresses a full year's work into six months. But that makes for nice stretches of vacation.

Todd Coulon, a Shell veteran of 23 years from Barataria, La., a bayou town 30 miles south of New Orleans, says the two weeks off each month allow him to get chores and home projects done. That allows him to have "real weekends" during which he can spend time with his three kids, watch LSU and Saints football games and fish.

When it's time to work, the focus is clear: Keep the oil and gas flowing. The device on the platform that transfers the oil and gas to pipelines is called the "Lease Automated Custody Transfer Unit" but workers have a nickname for it: the cash register.

At each change in shift there is a meeting in the platform's common room. The foremen from the outgoing shift brief the foremen from the incoming shift on how the platform and the rig performed, the maintenance activities planned, the equipment and supplies that are arriving by boat, the latest weather forecast and any safety problems.

Foremen wear camouflage baseball caps, recline in office chairs and murmur in polite southern accents of different shades, from a deep Mississippi drawl to Southern Louisiana creole.

A recent meeting started with a safety report from a foreman who reported missing earplugs, cracked coatings, hoses in the wrong place that created a tripping hazard, a hand rail missing a pin and a helmet blown off the head of a worker and into the sea by a gust of wind.

Even heavier winds were coming, so the cranes had to be put in their "cradles" and drilling would likely have to be suspended. Maintenance work was slotted into the schedule.

Production rates from the day before were discussed, along with goals for the next day.

Some of the equipment Shell designed to separate oil and natural gas on the sea floor before pumping it up to the platform hasn't worked as well as hoped. Technicians have been adjusting equipment, changing procedures, and installing new equipment over several months to try to fix the problem. Finally, it seems to be working.

After more than a year of steady operation, Perdido has only recently hit its monthly production targets.

Perdido is producing the equivalent of 60,000 barrels of oil and natural gas a day from six wells. Eventually, the platform will produce 100,000 barrels per day from 35 wells drilled in a 30-mile radius around the platform.

At today's prices, that means revenue of more than $1.8 billion per year.

The challenge is to balance the pressure to keep the oil flowing with the pressure to keep workers safe.

Coulon ended a recent meeting by telling workers to be safe and look after each other. He didn't need to remind them that not too long ago 11 people doing the same kind of work never made it home for their two week break to see their families, fish and get stuff done around the house.

Jonathan Fahey can be reached at http://twitter.com/JonathanFahey.

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/ap/20111230/ap_on_bi_ge/us_deepwater_drilling_life_on_a_platform

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Scientists scan damaged audio discs, resurrect fresh beats

Digitizing your analog archives? Vinyl to CD / MP3 / iPod turntables might do well enough for your old 45s, but the folks at Lawrence Berkeley National Laboratory prefer to listen to their old beats by taking pictures of them. More specifically, restoration specialists are using a system called IRENE/3D to snap high resolution images of damaged media. The cracked discs -- often made of wax on brass or composition board -- are then repaired digitally, letting researchers play the digitized discs with an emulated stylus. So far, the team has recovered a handful of 125 year old recordings from a team in Alexander Graham Bell's Volta laboratory. The all digital system gives researchers a hands-off way to recover audio from relic recordings without running the risk of damaging them in the process -- and no, they probably won't let you use it to listen to that beat up copy of the White Album you've had in your closet since eighth grade. Hit the source link to hear what they've recovered.

Continue reading Scientists scan damaged audio discs, resurrect fresh beats

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শুক্রবার, ৩০ ডিসেম্বর, ২০১১

At least 13 killed in Venezuela tanker truck fire (AP)

CARACAS, Venezuela ? A tanker truck filled with gasoline crashed and burst into flames on Thursday in Venezuela, engulfing several cars and a bus and killing at least 13 people.

The tanker truck tipped over and spilled gasoline, which ignited and burned seven vehicles, Caracas fire chief William Martinez said.

Rescue workers pulled victims' bodies from the blackened vehicles.

Martinez said the tanker truck driver apparently lost control on the highway in Caracas but the cause of the accident was unclear.

At least 16 people were injured in the accident, national police chief Luis Fernandez said.

The 30-year-old truck driver, Tulio Estenique, was unhurt and was arrested, prosecutors said in a statement. He is to be arraigned and is under investigation for his responsibility in causing the accident.

Prosecutors said that according to witnesses the truck was speeding.

Source: http://us.rd.yahoo.com/dailynews/rss/latam/*http%3A//news.yahoo.com/s/ap/20111230/ap_on_re_la_am_ca/lt_venezuela_tanker_accident

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Rancho Cordova Swears in New Mayor and Vice Mayor

Dr. David Sander and Linda Budge were sworn in as Mayor and Vice Mayor, respectively, at the Rancho Cordova City Council meeting on Monday, December 19. Both have been members of the City Council since Rancho Cordova incorporated in 2003.

Mayor Sander was sworn in by his wife, Dr. Margaret Parsons, with their six-year-old son, Charles, holding the family Bible. Vice Mayor Budge?s special guests were her husband, Lee Garrison, and her 90-year-old mother, Norma Niblett from Tucson, AZ.

Serving his second term as Mayor, Sander said that he wants to keep moving forward on Growing Strong Neighborhood goals with a special focus on economic development efforts and citizen engagement with community meetings, projects, walks, and other activities.

?We?ve made great progress in reinventing Rancho Cordova and changing it from a suburb facing decline to a city with a bright future, but there is much more remaining to be done,? he commented. ?We will continue our efforts to bolster the health of our neighborhoods, raise our residents? quality of life, and provide every opportunity for future growth and economic development.?

Mayor Sander served as Rancho Cordova Mayor in 2007 and as Vice Mayor in 2006 and 2011. He is the Principal and Founder of Sander and Associates, a public affairs and internet consulting/development firm that specializes in medical and scientific projects.

He is a member of the National Civic League board of directors and represents the City on several other national, state, and area committees and boards. Vice Mayor Budge is an American Institute Certified Planner and the owner of Geometra Planning & Permitting.

She is a 2011 graduate of the Harvard Kennedy School Executive Education program. She served as Mayor in 2004 and 2008 and as Vice Mayor in 2007 and Mayor Pro Tempore in 2003. Other members of the Rancho Cordova City Council are Robert McGarvey who just completed his second term as Mayor; Ken Cooley, and Dan Skoglund.

City Council meetings are held the first and third Mondays of the month (except on Monday holidays) at 5:30 p.m. in the City Council Chambers, located at 2729 Prospect Park Drive. For more information about the Council meetings, please contact the City Clerk?s office at (916) 851-8720.

?

Source:?http://www.cityofranchocordova.org

Source: http://fairoakscarmichael.news10.net/news/community/90541-rancho-cordova-swears-new-mayor-and-vice-mayor

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JonahNRO: RT @keithurbahn: That sound you hear is left-wing military historians & analysts scrambling to find excuses for when Iraq goes south nex ...

Twitter / Keith Urbahn: That sound you hear is lef ... Loader That sound you hear is left-wing military historians & analysts scrambling to find excuses for when Iraq goes south next year.

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ConstructionD: Best of '11: Tornado Hits Joplin, Missouri: *This week, we take a look back at our most popular ... http://t.co/smmK1nXy #Construction

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Best of '11: Tornado Hits Joplin, Missouri: *This week, we take a look back at our most popular ... bit.ly/tmBVx9 #Construction ConstructionD

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Jessica Chastain takes Palm Springs fest honors (Reuters)

LOS ANGELES (TheWrap.com) ? The Palm Springs International Film Festival has now stocked its annual Awards Gala with 14 honorees, adding actress Jessica Chastain and composer Howard Shore to its previously announced lineup.

Chastain will receive the festival's Spotlight Award at the January 7 gala, while Shore will get the Frederick Loewe Music Award.

Also receiving awards at the gala are George Clooney, Glenn Close, Stephen Daldry, Michel Hazanavicius, Gary Oldman, Brad Pitt, Octavia Spencer, Michelle Williams and the creative team behind "Young Adult": director Jason Reitman, screenwriter Diablo Cody and stars Charlize Theron and Patton Oswalt.

The two new honorees will complete the lineup.

Chastain had seven movies released in 2011, including "The Tree of Life," "The Help," "Take Shelter," "The Debt" and "Coriolanus."

Shore wrote the music for David Cronenberg's "A Dangerous Method" and Martin Scorsese's "Hugo," though PSIFF says he will be receiving the award for the latter film.

In a press release announcing the awards, festival chairman Howard Matzner called Chastain "one of the cinema's most versatile and most sought after young actresses," and termed Shore "a master composer who has consistently delighted audiences of the more than 80 films he has scored."

The 23rd Palm Springs International Film Festival will begin on January 5 and run through January 16 in the desert resort town east of Los Angeles.

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/nm/20111228/media_nm/us_jessicachastain

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LeavittDC: My wife likes Sunday Night Football, but only the player introductions when they say what school they attended. I need to work on that.

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US strengthening alliances with Japan, India to creating anti-China axias: People?s Dily

Washington is strengthening its alliances with Japan and rising-power India to create an anti-China alignment in Asia, according to a commentary published in China's state-owned People's Daily.

Making a commentary on the US's security policy in Asia, the People's Daily said that Washington was trying to create Atlantic network-like model to in the Pacific region by strengthening its alliances with old allies like Japan and new partners like India to hold back China's growth.

The commentary in the People's Daily said, "In the military area, the United States .strengthening its military existences in the South East Asia and Australia and improving its alliances and partners' military powers by carrying out trainings and drills."

The commentary said that the US's strategy was driven by the fear of China's unprecedented rise, thought it didn't specifically mention India's military relationships with the US.

Japan and India have improved their military ties with the US over the recent years. Japan and India have also agreed to undertake bilateral air and naval exercises over the coming years.

In addition, India recently held the first trilateral meeting with the US and Japan to find out ways to improve economic and military relations with one another. But, India on Monday emphasized that its ties with the US and Japan were not directed against any third country.


Source: http://www.stockwatch.in/us-strengthening-alliances-japan-india-creating-anti-china-axias-people-s-dily-29276

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Monitors arrive in Syria; carnage as tanks fire (Reuters)

BEIRUT (Reuters) ? Government tanks pounded neighborhoods of Homs on Monday, killing more than 30 people, city residents said, as Arab officials arrived in Syria to monitor compliance with a peace plan aimed at ending the crackdown on an uprising against President Bashar al-Assad.

Fifty monitors and 10 other officials from the Arab League arrived from Egypt on a private plane, the first international intervention on the ground to end nine months of violence between government troops and opponents of Assad.

Some monitors are due on Tuesday to visit Homs, scene of the worst violence, where there has been no sign of Assad carrying out a plan agreed with the Arab League to halt his offensive.

Amateur video posted on the Internet by activists showed tanks in the streets in the Baba Amr district. One fired its main gun and another appeared to launch bombs from a mortar.

Mangled bodies lay in pools of blood on a narrow street, the video showed. Power lines had collapsed and cars were burnt and blasted, as if shelled by tank or mortar rounds.

"What's happening is a slaughter," said Fadi, a resident living near Baba Amr neighborhood. He said it was being hit with mortar bombs and heavy machinegun fire.

An armed insurgency is eclipsing civilian protests in Syria. This has raised the prospect of a sectarian war pitting the Sunni Muslim majority, the driving force of the protest movement, against minorities that have mostly stayed loyal to the government, particularly the Alawite sect to which Assad belongs.

Fighting in Homs has intensified since a double suicide bombing in Damascus on Friday that killed 44 people.

Four army defectors were killed by security forces in a town near the Turkish border on Monday, an activist network said. Nine soldiers killed in fighting in Homs were buried, state media reported.

Homs resident Fadi told Reuters that residents and fighters were trapped by trenches dug by the army.

"Neither the people nor the gunmen or army defectors are able to flee. The army has been descending on the area for the past two days."

TWO-WAY FIGHT

Other residents said the fighters have still been able to inflict casualties on the army.

"The violence is definitely two-sided," said a Homs resident who gave his name only as Mohammed to protect his safety. "I've been seeing ambulances filled with wounded soldiers passing by my window in the past days. They're getting shot somehow."

Parts of Homs are defended by the Free Syrian Army, made up of defectors from the regular armed forces, who say they have tried to protect civilians.

"There are many casualties," activist Yazen Homsi told the Avaaz opposition group from Homs. "It is very difficult to access them and provide treatment as a result of the heavy shelling throughout the neighborhood."

The British-based Syrian Observatory for Human Rights documented names of those reported killed in Monday's clashes. It also reported three people killed on the outskirts of Hama, north of Homs, as security forces fired on protests.

It also said at least 10 and likely dozens of rebel fighters were killed in clashes with security forces in the Damascus suburb of Douma. It estimated a similar casualty toll on the government side.

It said explosions went off in Doumaas the army clashed with rebel fighters.

The Syrian government has banned most access by independent media, making it difficult to verify accounts of events.

GOVERNMENT TRANSPORT FOR MONITORS

The head of the observer mission, Sudanese General Mustafa al-Dabi, arrived in Damascus on Saturday.

"Our Syrian brothers are cooperating very well and without any restrictions so far," Dabi told Reuters.

But he added that Syrian forces would be providing transportation for the observers - a move which may anger the anti-Assad opposition and draw accusations of censorship.

The first group of monitors will be divided into five 10-man teams going to five locations. Those that are expected to visit Homs on Tuesday will try to assess whether Assad is withdrawing tanks and troops from Syria's third largest city as promised.

Delegates said they will try to keep an element of surprise.

"We will inform the Syrian side the areas we will visit on the same day so that there will be no room to direct monitors or change realities on the ground by either side," said monitor Mohamed Salem al-Kaaby from the United Arab Emirates.

The mission's mandate is to confirm that the Syrian government is carrying out the Arab League initiative by withdrawing the military from cities, releasing prisoners and allowing Arab and allowing international media to visit.

Despite the scenes of ravaged streets, Syrian state television has been regularly showing other areas of Homs, a city of one million, looking peaceful.

The United Nations says at least 5,000 Syrians have been killed since the revolt broke out in March, inspired by other Arab uprisings this year.

The Syrian authorities blame the violence on foreign-backed armed Islamists who they say have killed 2,000 members of the security forces. After six weeks of stalling, Damascus signed a protocol this month to admit the Arab League monitors.

Assad, 46, succeeded his father in 2000 to carry on 41 years of family rule. He has responded to calls to step down with a mixture of force and promises of reform, announcing an end to a state of emergency and promising a parliamentary election in February.

(Additional reporting by Mariam Karouny in Beirut, Ayman Samir and Marwa Awad in Cairo and Ayat Basma in Beirut; Writing by Douglas Hamilton; Editing by Mark Heinrich and Matthew Jones)

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/nm/20111226/wl_nm/us_syria

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Knicks edge Celtics 106-104 on Anthony foul shots

New York Knicks forward Amare Stoudemire, left, gets tangled up with Boston Celtics power forward Kevin Garnett (5) in the first half of an NBA basketball game at Madison Square Garden in New York, Sunday, Dec. 25, 2011. (AP Photo/Kathy Willens)

New York Knicks forward Amare Stoudemire, left, gets tangled up with Boston Celtics power forward Kevin Garnett (5) in the first half of an NBA basketball game at Madison Square Garden in New York, Sunday, Dec. 25, 2011. (AP Photo/Kathy Willens)

New York Knicks' Carmelo Anthony, left, fouls Boston Celtics' Rajon Rondo during the first quarter of an NBA basketball game Sunday, Dec. 25, 2011, at Madison Square Garden in New York. (AP Photo/Bill Kostroun)

Boston Celtics' Rajon Rondo, right, loses the ball as he is fouled by New York Knicks' Carmelo Anthony during the first quarter of an NBA basketball game Sunday, Dec. 25, 2011, at Madison Square Garden in New York. (AP Photo/Bill Kostroun)

Boston Celtics point guard Rajon Rondo, on floor, holds onto the ball as he slips in front of New York Knicks guard Toney Douglas (23) and Knicks center Tyson Chandler in the second quarter of their NBA basketball game at Madison Square Garden in New York, Sunday, Dec. 25, 2011. (AP Photo/Kathy Willens)

(AP) ? Carmelo Anthony and the Knicks know it will never be easy against the Celtics.

Not beating them in one game, and certainly not beating them for a division title.

But pulling out the kind of nail biter that's long gone Boston's way in this rivalry only reinforced the Knicks' belief that they can do it ? and even the Celtics see a difference.

Anthony scored 37 points, including a pair of free throws with the game tied and 16 seconds left, and New York survived a seesaw season opener Sunday to edge the Celtics 106-104.

"Most importantly for us, as a new team, we showed something," Anthony said. "We came together as a team. Even when we got down, there wasn't no frowns. Nobody was down. Mentally everybody was still up about it, and we willed our way to this win."

Amare Stoudemire added 21 points and Toney Douglas had 19 for the Knicks, who led by 17 in the first half, trailed by 10 in the fourth quarter, then pulled out a thrilling Christmas victory in the delayed opener to the 2011-12 season. Tyson Chandler blocked six shots in his Knicks debut.

Rajon Rondo had 31 points and 13 assists, nearly leading the Celtics back without an injured Paul Pierce. But Kevin Garnett missed a jumper just before the buzzer, the kind of shot Boston always seems to make against the Knicks.

"They seem to have a little swag and confidence behind them," Garnett said. "It's good for the city. It's good for the Knicks. I'm going to see how consistent they are with that, but for the most part Carmelo played really well."

Brandon Bass had 20 points and 11 rebounds in his Celtics debut, and Ray Allen added 20 points.

Garnett finished with 15 points. He and Allen had a sleepy Christmas start, with Rondo keeping the Celtics in the game until they got going in the second half.

"I thought we were as soft as you could be in the first quarter and then I thought we joined in to the 2011-12 season, and from that point on I was pretty happy with the way we played," Celtics coach Doc Rivers said. "I thought we competed well."

But it wasn't enough against the Knicks, who withstood a costly knee injury to first-round pick Iman Shumpert to beat the team that swept them out of the first round of last season's playoffs. Shumpert will miss two to four weeks with a sprained right knee ligament.

Pierce has a bruised right heel but hopes he can return Tuesday when the Celtics visit the Miami Heat.

Even without him, the Celtics fought back to tie it at 69 on Rondo's layup midway through the third quarter. They surged ahead by eight going into the final period after Bass scored the final six points, then extended it to 89-79 on Bass' jumper to open the fourth.

Anthony, who scored 20 in the second half, tied the game at 100 on a 3-pointer with 3:25 to play. It stayed tight until he was fouled on a drive with 16.3 seconds left, making both for a 106-104 lead. Rondo grabbed the rebound of Marquis Daniels' potential go-ahead 3-pointer to give the Celtics a final chance, but Garnett was off on his jumper, then appeared to shove the Knicks' Bill Walker away.

Coming off their first winning season in a decade, the Knicks added a defensive presence by signing Chandler away from the NBA champion Dallas Mavericks and have loftier expectations than they've seen in years. The original NBA schedule had them opening against Miami, but instead they got a chance to see if they've closed the gap against Boston.

"I think we wanted to come out and set the tone early," Stoudemire said. "It's a long year but this game was very important for us to get off to a great start."

Though the Celtics won all eight meetings last season, the Knicks have been listed some places as the favorites in the Atlantic Division, which the Celtics have ruled since their Big Three came together in 2007.

"Everybody knows how optimism kicks in before the season starts, but then once reality sets in after the first month of the season, we'll see," Pierce said before the game. "But it's definitely a possibility. I mean, they have the talent, but we have the talent, too."

But the Knicks will be without newcomer Baron Davis for a few weeks because of a herniated disc in his back, and now Shumpert is out, leaving little depth in the backcourt.

The Knicks led 49-32 with 7? minutes left in the first half before the Celtics cut it to 62-52 at halftime.

The first game since renovations began at Madison Square Garden included the usual cast of celebrities such as Alicia Keys, Chris Rock and John McEnroe, and some new confusion, as at least one Celtics player had to ask how to get to the court from the new visitors' locker room.

Notes: Rivers said Pierce may come off the bench when he does return, since he's had only one practice so far. ... The Knicks were without Mike Bibby, who dressed but didn't play because of a sore back. Reserve Jared Jeffries was lost during the game to a sore right calf and will miss a week or two. ... Stoudemire provided pregame breakfast to MSG staff in appreciation of the support in his first season with the team.

___

Follow Brian Mahoney on Twitter: http://www.twitter.com/Briancmahoney

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-12-25-BKN-Celtics-Knicks/id-0aadae14fbda4105ac6a81cece8bdc10

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PHOTOS: Urs Majlis of Syedi Fakhruddin Shaheed AQ held in Washington DC USA

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Source: http://akhbar.mumineen.org/2011/12/26/photos-urs-majlis-of-syedi-fakhruddin-shaheed-aq-held-in-washington-dc-usa/

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Texas family gets trapped in their car under 4-feet of snow in New Mexico

Huddled and shivering from the cold, David Higgins, his wife Yvonne, and their 5-year-old daughter, Hannah, stayed burried for almost two days in the deep snow that surrounded their sport utility vehicle.

The family had been headed for a pre-Christmas skiing vacation at Angel Fire resort in New Mexico on Monday, December 19, when their 2003 GMC Yukon got stuck in a blizzard on U. S. Highway 412 about 30 miles outside the town of Clyaton.

David and his wife used their cellphones to call family members and 911. They gave Mile Marker 52 as their location but as it turns out, they were just about halfway between markers 51 and 52.

Fortunately, as they awaited rescuers, the family had three flashlights in the car, along with two cases of water, cereal, two loaves of bread, sandwich meat, peanut butter and jelly, a gallon of milk, two sleeping bags, two pillows and their ski gear.

The parents used DVD's and games to distract their daughter the best they could.

On Wednesday, rescuers using poles to search the snow struck the top of the Yukon. They dug down to the driver's side window, broke it with an ax, and pulled the family out through a 4-foot snow tunnel to the surface.

All three are recovering in Raton at the Miners Colfax Medical Center. They hope to make it back home to the Houston area in time for Christmas.

Source: http://santafe.kob.com/news/families/104530-texas-family-gets-trapped-their-car-under-4-feet-snow-new-mexico

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Gold for Joplin gives gift of new home to tornado victims

This blog features observations from Joplin East Middle School communication arts teacher Randy Turner, formerly an award-winning reporter/editor for various Missouri newspapers. The comments on the blog do not represent the views of the Joplin R-8 School District. Send news items or comments to rturner229@hotmail.com

Source: http://feedproxy.google.com/~r/blogspot/ASRIt/~3/UkJbJMsCCSk/gold-for-joplin-gives-gift-of-new-home.html

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Secrets Of The Accidental Entrepreneur

daredevil_480_posterI was in a meeting with Uri Geller. You know who he is. He?s the psychic that bends spoons. He?s been doing it since he was a kid. Marvel Comics even did an issue once where Uri Geller was helping out Daredevil. The cover has Daredevil wearing an extremely tight uniform where you could see the outline of his genitalia (putting it delicately for SOPA Nazis). Daredvil?was swinging around punching people while Uri Geller ("the Most Shocking Guest Star of All" according to the cover) was melting tanks. So now Uri Geller was sitting right in front of me pitching a business. That?s the way I roll.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/bzkxBozFNGk/

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Claims lowest since '08 as job market improves (AP)

WASHINGTON ? In in the latest sign that the economy is surging at year's end, unemployment claims have dropped to the lowest level since April 2008, long before anyone realized that the nation was in a recession.

Claims fell by 4,000 last week to 364,000, the Labor Department said Thursday. It was the third straight weekly drop. The four-week average of claims, a less volatile gauge, fell for the 11th time in 13 weeks and stands at the lowest since June 2008.

While the economy remains vulnerable to threats, particularly a recession in Europe, the steady improvement in the job market is unquestionable.

"The underlying trend is undeniably positive," said Jennifer Lee, senior economist with BMO Capital Markets. "I think everyone is starting to come around to the view that, yes, there is a recovery going on."

Unemployment claims are a sort of week-to-week EKG for the job market. Except for a spike this spring, after the earthquake and tsunami in Japan hurt U.S. manufacturing, they have fallen steadily for a year and a half.

Claims peaked at 659,000 in March 2009. In the four years before the Great Recession, they mostly stayed between 300,000 and 350,000. That claims are edging closer to that range is a sign that the layoffs of the past three years have all but stopped.

"We haven't yet really seen substantial numbers of new jobs, but this is definitely an encouraging sign of what lies down the road," said Sam Bullard, an economist at Wells Fargo.

The steady decline may also herald a further decline in the unemployment rate, which fell in November to 8.6 percent from 9 percent the month before. The December rate will be announced Jan. 6.

If unemployment claims keep declining, the unemployment rate might fall as low as 8 percent before the November elections, said Dan Greenhaus, chief global strategist at BTIG LLC, a boutique brokerage.

The presidential election will turn on the economy. Ronald Reagan holds the post-World War II record for winning a second term with the highest unemployment rate. He won in 1984 with unemployment at 7.2 percent.

Economists will also watch closely on Jan. 6 to find out how many jobs were added this month. It added at least 100,000 each month from July through November, the best five-month streak since 2006.

"When you fire fewer people, hiring unquestionably follows," Greenhaus said. He expects employers to create as many as 200,000 jobs per month if the trend continues.

In another encouraging report Thursday, the Conference Board's index of leading economic indicators rose strongly in November for the second straight month, suggesting that the risks of another recession are receding.

The index puts the economy on track to grow at a 4 percent annual rate in the fourth quarter, which ends this month, said Ian Shepherdson, chief U.S. economist with High Frequency Economics.

The economy hasn't posted 4 percent growth or stronger since the first quarter of 2006, when it grew at a 5.1 percent rate. The best it has done since the recession was 3.9 percent, in the spring of 2010.

The Great Recession lasted from December 2007 through June 2009. Economists didn't declare that it was under way until December 2008.

The economy grew at a 1.8 percent annual rate in the third quarter of this year. The government revised that figure downward from 2 percent Thursday because Americans spent less than the government had estimated.

Besides a brightening job market, the positive factors include strong holiday shopping and cheaper gas, which leaves people more money to spend on other things and helps consumer confidence.

"The economy is carrying some clear momentum into 2012," said economist Joel Naroff of Naroff Economic Advisors.

The flip side, said Bullard, the Wells Fargo economist, is political uncertainty at home and a near-inevitable recession across the Atlantic. Those factors will weigh on growth next year and might reverse the momentum that the job market appears to be enjoying.

In Europe, the 17 nations that use the euro currency are struggling to deal with debt problems and keep the currency union together. A recession there would be bad news for American companies that export to Europe.

Another source of uncertainty for 2012 is what Congress will do about the Social Security payroll tax cut, set to expire Jan. 1. Extended unemployment benefits for the long-term unemployed also expire on that date.

The tax cut applies to 160 million Americans. For a worker earning $50,000, it saves $1,000 over a year. For a high-earning couple, it would save $4,404 over next year, or about $85 a week.

Economists say that failing to renew the tax cut and emergency unemployment aid could cut a full percentage point from economic growth next year.

___(equals)

Follow Daniel Wagner at http://www.twitter.com/wagnerreports.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111223/ap_on_bi_go_ec_fi/us_economy

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শনিবার, ২৪ ডিসেম্বর, ২০১১

Jury awards record $150 billion payout

A jury in Texas has awarded $150 billion in damages to the family of a man who died 12 years after he was horrifically burned on his eighth birthday in what is reportedly the largest personal injury award in U.S. history.

Lawyer Craig Sico said his clients don't expect to collect any of the $150 billion judgment. Instead, they hope it will help persuade prosecutors to seek charges against a man they say doused Robbie Middleton with gasoline and set him on fire.

Middleton survived his horrific injuries for 12 years before dying last year of a rare form of skin cancer, which attorneys argued was related to the extensive burns.

Sico and Middleton's family said they now hope for a renewed investigation of Don Wilburn Collins, who Middleton accused of attacking him.

Collins never faced criminal charges in Middleton's case, in part, prosecutors said, because of inconsistencies in the evidence and difficulty obtaining information from such a young victim.

Sex offender
Now 26, Collins is in prison for an unrelated sexual assault conviction against another 8-year-old boy and for failing to register as a sex offender. He is to be released next year.

He did not appear in court during the civil trial and no attorney appeared on his behalf.

Sico said he asked jurors to make a statement in the case by topping the biggest civil verdict he was aware of ? a $145 billion judgment handed down against the tobacco companies in Florida in 2000.

The Fayette County jury returned the $150 billion verdict Tuesday after a two-day trial.

The Florida tobacco verdict of $145 billion, which was later overturned, had stood as the largest U.S. civil jury verdict, said John T. Nockleby, professor and director of the civil justice program at the Loyola Marymount University School of Law in Los Angeles.

"It's the kind of award that has no meaning outside of an expression of moral outrage," he said. "They could have awarded a trillion dollars, and it would have made no difference."

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Middleton's mother, Colleen Middleton, said Wednesday the family hadn't really thought about the size of the judgment.

"We're never going to see any money," she said. "What we thought was please let these people realize Robert was precious, like everybody else's child, and he didn't deserve this."

"When they came back with the $150 billion, I was like: 'They get it.' And that made me feel so good," she said.

Cold case review
Robbie Middleton was attacked on June 28, 1998 ? his eighth birthday ? as he walked through a wooded area in the Southeast Texas town of Splendora, northeast of Houston. A neighbor who discovered the boy told a 911 dispatcher that the burned child said, "Some kids threw the gas on him."

When police questioned the boy, who was burned over 99 percent of his body, he told them: "Don did it."

Collins, who was 13 at the time, was taken into custody five days later. He was held in juvenile detention for six weeks before he was released without charges to the custody of an uncle appointed as his legal guardian.

In a video deposition taken just before he died last year, Middleton identified Collins as a person who sexually assaulted him about two weeks before the fire attack.

Montgomery County Attorney David Walker said Wednesday that the sheriff's department's cold case unit already has been reviewing the Middleton burning case for several months.

Walker, who was not county attorney at the time of the assault on Middleton but was working at the office, told the Los Angeles Times that Collins was not charged because "the case was very, very difficult, with evidence that was not clear or necessarily compelling at that time."

He said Middleton was severely injured and "his ability to say what had happened and who did this horrible crime to him was extremely difficult."

"There will be people who will say that's an excuse, but the professionals here worked very hard," Walker added.

The Associated Press contributed to this report.

Source: http://www.msnbc.msn.com/id/45761980/ns/us_news-crime_and_courts/

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How Fleece Became Ubiquitous the World Over [Design]

There was a time in the late 1990s when fleece suddenly became ubiquitous in my life. I blame Old Navy. Their boldly-hued, fuzzy pullovers dominated every commercial break during the holidays and clothed everyone in my high school. More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/Uy1hV11ifvo/how-fleece-became-ubiquitous-the-world-over

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শুক্রবার, ২৩ ডিসেম্বর, ২০১১

Ron Paul may struggle outside Iowa (Reuters)

MANCHESTER, New Hampshire (Reuters) ? Congressman Ron Paul is one of the favorites to win the Iowa caucuses vote on January 3 but his libertarian and isolationist message may be too much for Republican voters and party grandees as the nomination process moves to other states.

"What he could do is turn a victory in Iowa into a heart attack for the Republican establishment. They see him as someone they really can't relate to very much," said Tobe Berkowitz, a communications professor at Boston University.

A poll this week showed Paul leading the race in Iowa, where he has a strong organization, ahead of Republican front-runners Newt Gingrich and Mitt Romney.

But New Hampshire, the next voting state in the nomination race, is still a stronghold for Romney who leads polls here by double digits. The real key lies beyond the January 10 New Hampshire primary when the focus shifts to the heart of the Republican primary states.

Most opinion polls for South Carolina, the third state to hold a 2012 Republican nominating contest, give a resounding "no" to Paul. The Texan has been polling in single digits in the state, home to many active and retired military personal who may not take kindly to Paul's non-interventionist military doctrine.

"He's a libertarian Republican. Will that play in South Carolina, Georgia and elsewhere? The fact that he's a libertarian throws a lot of monkey-wrenches into Republican orthodoxy," Berkowitz said.

On Tuesday, Paul outlined his views to high school and college students in Manchester, and didn't hold back.

He described U.S. military spending as a subsidy that allows other countries to spend more on their own economies. Federal spending on education only pushes up costs, he said.

A trade war with China would be a tax on low-income Americans. And the United States "is moving toward a military state when the military assumes the rule of law."

He inspires a loyal following, attracted by his no-nonsense attacks on government spending.

STICKS TO HIS BELIEFS

At a Manchester town hall on Monday night, voter Sylvia Tobin, 23, said Paul's "rigidity" was a positive for her. "He has his beliefs, and sticks to them," she said.

"My family is very into Ron Paul. He has the guts to face pressure from the press, and from lobbyists," said Sylvain, a French immigrant who asked that only his first name be used.

He plans to cast his first vote as a U.S. citizen for Paul in the New Hampshire primary.

Success in the polls will bring out much more intense scrutiny from the media and from Paul's Republican rivals.

"He has positions on issues that elements of the Republican Party are going to see as extreme. If Paul manages to win Iowa there is going to be this reaction among Republican elites, who are going to say 'look we can't put Paul forward, we need a safe candidate,'" said Dante Scala, a political scientist at the University of New Hampshire.

Already, Paul has had to deal with the fallout of racist commentary in newsletters that went out under his brand in the 1980s and 1990s, with titles such as "Ron Paul's Freedom Report" and the "Ron Paul Political Report."

In Manchester on Tuesday, Paul brushed off the controversy. "Everyone knows I didn't write those," he said.

A congressman on and off since the 1970s, Paul was an early inspiration for the Tea Party movement and he has found his small-government cause becoming more mainstream.

Some of his decades-long positions, including the need to crack down on - or abolish - the Federal Reserve, have moved toward the Republican mainstream in this election cycle, with candidates such as Gingrich and Texas Governor Rick Perry also taking on the Fed.

Young voters are among the biggest fans of the septuagenarian former obstetrician. Many find Paul's mantra of less government interference appealing.

"He's attractive to people of my generation because younger people don't want to be controlled, and want to make decisions based on the moment," said C. J. Petersen, 18, from Bedford, New Hampshire. Petersen is still undecided.

Paul is in third place with 12.4 percent support in a RealClearPolitics compilation of national polls, behind Gingrich at 27 percent and Romney at 24 percent.

(Reporting By Alistair Bell)

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/nm/20111221/pl_nm/us_usa_campaign_paul

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Poker company co-founder pleads guilty in NYC (AP)

NEW YORK ? The co-founder of an Internet poker company pleaded guilty Tuesday to conspiracy charges, admitting that he knew he was breaking the law when he arranged for U.S. banks to process gambling proceeds.

Brent Buckley, 31, entered the plea in U.S. District Court in Manhattan, saying he knew it was illegal to accept credit cards so that customers could gamble on the Internet.

"I knew that it was illegal to deceive the banks," Buckley told Magistrate Judge Ronald Ellis in a plea deal that calls for him to receive a sentence between a year and a year and a half in prison. Sentencing was set for April 19.

The charges stem from a prosecution that shut down U.S. operations of the three largest Internet companies last spring.

Buckley was a co-founder of Absolute Poker. Prosecutors said Absolute Poker, Full Tilt Poker and PokerStars tricked U.S. banks into processing billions of dollars of gambling transactions by disguising the money as payments to hundreds of non-existent online merchants purporting to sell merchandise such as jewelry and golf balls.

Buckley, who stood with his hands clasped behind his back, was described in court as the director of payments for Absolute Poker.

The U.S. in October 2006 enacted the Unlawful Internet Gambling Enforcement Act, which makes it a crime for gambling businesses to knowingly accept most forms of payment in connection with the participation of another person in unlawful Internet gambling.

Buckley said his crime began in the fall of 2006 and continued until last spring. In May, prosecutors announced that a deal had been reached with Absolute Poker to enable players in the United States to recover their money after the games were interrupted by the criminal prosecution.

Source: http://us.rd.yahoo.com/dailynews/rss/crime/*http%3A//news.yahoo.com/s/ap/20111220/ap_on_re_us/us_poker_prosecution

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Rare Dec. tornado hits La hospital; nobody hurt

(AP)? DEQUINCY, La. ? An uncommon December tornado on Tuesday ripped off part of a hospital roof in a southwest Louisiana city, causing several patients to be evacuated, but no injuries.

The National Weather Service said the weak tornado touched down at 8:25 a.m., causing some property damage including at DeQuincy Memorial Hospital. Eight patients were transferred to hospitals in the nearby cities of Lake Charles and Kinder, but the emergency room remained open, administrative assistant Kashia Spears told the American Press (http://bit.ly/tDX2ws).

She said it's unclear when the hospital would be able to house people overnight again because the torn off portion of the roof covered a hallway of rooms for patients.

The weather service classified the storm as an EF-1 tornado, which can pack winds up to 110 mph, though an agency official said actual wind speeds were likely far lower. EF-1 tornadoes can have wind speeds as low as 86 mph.

The tornado was the first to strike anywhere in the U.S. this December, a month in which tornadoes are historically uncommon. Though last New Year's Eve, deadly twisters hit Arkansas, Illinois and Missouri. And wide swaths of Mississippi and Louisiana were under severe weather watches.

Weather service forecaster Todd Mogged said the DeQuincy tornado was likely on the ground for less than a minute. Though the weather service issued a tornado warning, Mogged said the fast-developing, short-lived twister probably touched down at about the same time as the alert.

Calcasieu Parish's emergency preparedness director Dick Gremillion said DeQuincy was fortunate.

"It's a miracle that there wasn't any more damage," Gremillion said. "It could have been a lot worse."

It was hospital nurse Alisha St. Germain's first encounter with a tornado. Her Chevrolet Tahoe sustained severe damage on its passenger side when roof fragments slammed into it.

"I just got out of my car about three minutes before it happened," said St. Germain, who bought the vehicle in September.

Beyond the hospital, damage was limited in the northern part of the city.

The tornado was part of a system bringing rain to several Southern states. Also, a different deadly storm that caused blizzard conditions in portions of the Great Plains weakened Tuesday as it headed east into Missouri and toward the Great Lakes.

In DeQuincy, Gremillion said recovery operations began minutes after the tornado passed, and by 1 p.m., workers at the hospital had begun installing a temporary roof in a bid to prevent further damage.

By nightfall, area utility companies said they had largely restored power after a day of widespread outages.

Source: http://feeds.cbsnews.com/~r/CBSNewsGamecore/~3/B3jTWc26uT4/

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বৃহস্পতিবার, ২২ ডিসেম্বর, ২০১১

Hungary tech firm immortalizes Steve Jobs in bronze (Reuters)

BUDAPEST (Reuters) ? A Hungarian software company unveiled what it said was the world's first bronze statue of Apple Inc co-founder Steve Jobs Wednesday, calling him one of the greatest personalities of the modern age.

Jobs died on October 5 of pancreatic cancer at the age of 56.

The bronze work by sculptor Erno Toth stands in the Budapest campus of architectural software maker Graphisoft.

"He was one of the greatest (personalities) in our era, that's what we wanted to express with this sculpture here," Graphisoft Chairman Gabor Bojar told Reuters.

Bojar said Jobs gave cash and computers to Graphisoft, helping it to become a global leader in architecture software from humble roots as a tiny firm in the 1980s in then-communist Hungary.

"In some ways, Apple was a religion," Bojar said at the unveiling ceremony, comparing the experts from Cupertino-based Apple who helped educate Graphisoft's engineers to evangelists.

Steve Jobs represented a technological revolution which can be compared only to the discovery of writing, Bojar said.

"We have felt his spirit every day and now it is embodied," he said. "We hope that we can deserve with our entrepreneurial culture in Hungary what this sculpture expresses as a message."

(Reporting by Sandor Peto, editing by Paul Casciato)

Source: http://us.rd.yahoo.com/dailynews/rss/oddlyenough/*http%3A//news.yahoo.com/s/nm/20111221/od_nm/us_hungary_jobs

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সোমবার, ১৯ ডিসেম্বর, ২০১১

Gary Oldman to be honored by Palm Springs film fest (Reuters)

LOS ANGELES (TheWrap.com) ? The Palm Springs International Film Festival, which has already announced awards for a number of contenders deemed likely to land Oscar nominations, has now decided to honor an actor who's been inexplicably passed over by most voters so far.

Gary Oldman, whose performance in "Tinker, Tailor, Soldier, Spy" is a marvel of understatement, will receive the festival's International Star Award, PSIFF announced on Friday.

"Gary Oldman is a performer whose ability to portray the most extreme of characters is a testament to the enormity of his talent," said the festival's chairman, Harold Matzner, in a statement. "In 'Tinker, Tailor, Soldier, Spy,' as the embodiment of John le Carro's classic spymaster George Smiley, he combines cunning, pathos, and cold determination when he is brought out of retirement to ferret out a double agent during the Cold War."

The International Star Award, according to PSIFF, is designed to honor "an actor or actress who has achieved both critical and commercial international recognition throughout their body of work."

Oldman's work includes roles in the "Harry Potter" and "Dark Knight" movies, as well as "Sid and Nancy," "Prick Up Your Ears," "JFK," "Bram Stoker's Dracula," "True Romance" and "The Contender." He has never been nominated for an Oscar.

Previously announced PSIFF honorees, all of whom will receive their honors at the festival's awards gala on Saturday, January 7, include George Clooney, Brad Pitt, Michelle Williams, Glenn Close, Octavia Spencer, Michel Hazanavicius and the creative team behind the film "Young Adult." The festival is expected to complete its slate of honorees with one additional announcement.

The awards gala will be held early in the run of the 23rd Palm Springs International Film Festival, which begins on January 5 and runs through January 16.

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/nm/20111216/film_nm/us_garyoldman_award

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Video: Boehner won?t ?give up? on Obama

October 30: Plouffe, roundtable

Nearly a year away from the 2012 election, we?ll talk to the president?s 2008 campaign manager, now White House Senior Adviser, David Plouffe. Then author of the definitive new biography on the late Apple CEO, Steve Jobs, Walter Isaacson; Author of the new book ?The Time of Our Lives,? NBC News Special Correspondent, Tom Brokaw; Former Governor of Michigan, Jennifer Granholm; and Republican strategist, Mike Murphy.

Source: http://www.msnbc.msn.com/id/3032608/vp/45714527#45714527

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Nintendo completes 3DS Ambassador program, delivers ten GBA games to early adopters

If you've still got the 3DS price drop blues, perhaps a fresh (and final) infusion of free games will help. Early adopters that signed into the Nintendo eShop before August 11th will find ten GameBoy Advance games tacked on to their handheld's purchase history, retrievable via the same clunky redownload system that delivered the 3DS Ambassador program's NES titles. Thankfully, the unintuitive process is relatively simple -- just hop into the eShop's menu, scroll down to "Settings / Other", and select "Your Downloads," to claim your (potentially-exclusive) games. Short of having a 3DS guide us through the Louvre, we can't think of a better use for Nintendo's fledgling handheld.

Nintendo completes 3DS Ambassador program, delivers ten GBA games to early adopters originally appeared on Engadget on Fri, 16 Dec 2011 23:53:00 EDT. Please see our terms for use of feeds.

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Credit Agricole quits commodity trade as crisis bites (Reuters)

(Reuters) ? Credit Agricole (CAGR.PA) will stop trading commodities and will also slash its financing of the multi-billion-dollar market, the most sweeping commodity cuts yet among European banks strained by the euro zone crisis.

Credit Agricole, the formerly farm-focused bank that had boosted its energy trading in recent years, warned on Wednesday of losses and write-downs as it struggles to cope with the credit crunch. The cuts come just weeks after rival Societe Generale (SOGN.PA) shut down its year-old U.S. gas and power trading desk, and leader BNP Paribas (BNPP.PA) consolidated.

The deepening euro zone debt crisis has hit French banks hard as traditional sources of dollar funding have evaporated and as they face pressure to meet tougher capital requirements.

Volatile commodity prices, dimmer growth prospects and tougher regulation are also forcing some firms to question the outlook for the decade-long boom in trading raw materials.

Cargill Inc. (CARG.UL), which has voiced a bleaker economic outlook for next year than most of its peers, is cutting 125 jobs worldwide from its energy, transportation and metals operations as part of plans to reduce 2,000 or 1.4 percent of its global workforce over the next six months.

Trade sources said more companies may follow.

"What is happening with Credit Agricole is certainly a major trend across banking where the entire commodities trading business is shrinking," said a senior commodities trader who recently left a major bank for an independent trading house.

"It is happening because of regulations, as proprietary trading is not allowed any more and because people have overspeculated in the past years and got badly burnt."

Credit Agricole's commodities trading employs around 100 staff globally, including traders, analysts, marketing teams and technical staff, sources close to Credit Agricole said.

A source in the bank said many employees had only learned of the closure of the commodities trading unit on Wednesday:

"It has all happened very quickly. It is a shock."

CREDIT PRESSURE

On Wednesday, Credit Agricole Chief Executive Jean-Paul Chifflet said the bank was pulling out of commodities because it had less expertise in the field than other core areas:

"We preferred to stop it completely and devote our energy to other activities," he said.

But Chifflet told Les Echos newspaper the bank would not sell its holding in Newedge, a commodities futures and clearing brokerage it co-owns with Societe Generale (SOGN.PA).

Last year, the head of Credit Agricole's commodities trading division, Martin Fraenkel, told Reuters energy was a key growth area because "clients of the bank have ever more need for hedging services in these markets". The bank had just secured a potentially potent tie-up with power trading giant ETF Trading.

But nearly two years on, European banks are under enormous pressure in credit markets and only very large banks have scope to expand. Credit Agricole may be the first of several banks to drop commodities trading, said the senior commodities trader:

"The major players - Goldman Sachs, Morgan Stanley, Merrill Lynch, Deutsche Bank - are still hiring to replace people who leave to funds and trading houses. But small and medium-sized banks are just shutting everything down."

Morgan Stanley said on Wednesday it would cut 1,600 employees in the first quarter; it did not say how many, if any, would be in its commodities division, which ranks with Goldman Sachs and JP Morgan as one of the three largest in the world.

A senior oil trader at a major European bank said only very large players could now survive in commodities: "They (Credit Agricole) wanted to have a commodities arm but the appetite for risk was so small it was impossible to do big deals."

Credit Agricole, which has expanded from its agricultural origins in recent years, said on Wednesday it would cut 2,350 jobs and exit 21 of the 55 countries where it operates and shutter entire businesses including equity derivatives.

BNP Paribas, Europe's trade finance leader in commodities, has been cutting its trade finance portfolio, drastically reducing exposure to small and medium sized oil and metals firms and reselling part of that exposure, bankers say. A spokeswoman declined to comment.

In November, traders said the bank would close its Houston energy trading office and move some of the team to New York. It has also lost a senior metals trader.

Last week, Societe Generale (SOGN.PA) told employees it would shut down its Stamford, Connecticut-based physical gas and power operation and lay off most of the 140 or so employees at the trading unit it bought less than a year earlier from RBS Sempra.

"VERY, VERY STRONG REDUCTION"

Many details of the changes only emerged on Thursday.

The bank's commodities derivatives business, trading oil, gas, metals and softs, is based in London and Hong Kong. It also has market representatives in Tokyo, Singapore and New York.

Credit Agricole has been active in oil hedging, traders said, and does not have a reputation for taking on major risk.

"It was very flow-based, rather than proprietary," said a London-based trader with a bank. He said the bank hedged oil positions for airlines, taking positions on over-the-counter jet fuel derivatives and gas oil on the IntercontinentalExchange.

Sources close to Credit Agricole say the bank also plans to cut dramatically its commodities trade financing, which involve commitments of tens of billions of euros, but the exact scale of the retrenchment was unclear.

"In terms of commodities financing, they plan a very, very strong reduction in their activities," a source close to Credit Agricole said, adding the full array of short-term and longer-term letters of credit and export credit would be affected.

The bank's Geneva-based trade finance activities have about 120 people spread around the world, according to a former head of a commodities unit at Credit Agricole Corporate and Investment Banking who left the company just months ago.

Credit Agricole's commodities financing activities concern around 600 people, of which at least half are in France, and involve commitments of tens of billions of euros.

TOUGH MARKETS

Cargill is not alone among trading houses responding to a disappointing 2011 performance, Swiss-based coal traders said.

Coal has been a particularly tough market for traders this year because prices have been largely stagnant and liquidity has been lower. Without liquidity and volatility, trading profits have been hard to come by.

"We can confirm that as a result of the internal structural changes there have been some personnel changes which will affect around 125 employees in our Energy, Transportation and Metals operations around the world," a Cargill spokesman said.

Cargill has 600 employees in its Geneva office and around 1,100 worldwide in the non-oil Energy Transportation Industrial (ETI) business group.

Cargill will keep the split in its energy business between oil and non-oil with a global non-oil division made up of coal, gas, power and carbon trading and headed by Frank Rivendal, formerly head of power and gas in the U.S. for Cargill.

"Broadly speaking, the big changes are over and very few have been fired so far but there may be a few more job cuts," one source said.

"In 2008-2009 everybody made money because prices were so volatile but this year prices have been stagnant and for the first time in a decade, even the big trading houses are facing a downturn in earnings," he added.

Last month Cargill former head of coal based in Geneva, Patrick Bracken, left to return to the U.S. and Peter Biston, Geneva-based head of power and gas, a junior gas trader and a power trader lost their jobs.

Cargill Ferrous International in November shut its physical steel trading desks in Hong Kong and Geneva and its top sugar trader, Jonathan Drake, left in early December.

"That (restructuring) makes sense. In the previous structure oil made a lot of money and they couldn't bonus traders as power and gas were down. Now oil can live or die by its own performance," said Peter Henry, senior consultant with Commodity Search Partners.

(Additional reporting By Jonathan Leff; Editing by David Gregorio)

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/nm/20111215/bs_nm/us_commodities_trade

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